FantasyDraft will rescue the client balances of the stricken and Fantasy that is bankrupt Aces, its CEO announced on Monday regarding the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood associated with the industry.’ The majority that is vast of Aces customers will be paid in cash, while larger balances are topped up with FantasyCash.
FantasyDraft was regarding the verge of acquiring the site month that is last it pulled out of the offer citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.
Bankruptcy filings quickly unveiled the truth that is messy Fantasy Aces’ situation: the company had unsuccessful to segregate player funds from its operational costs and owed its customers $1.3 million.
An account listed in the filings as ‘Players Account’ included just $2,419. Whilst the ongoing company listed assets of $1.8 million, which will be liquidated to pay creditors, it said it had liabilities of $2.96 million.
In quick, Fantasy Aces could not pay its customers.
99.6 Percent to Get Cash
‘As members associated with the DFS community devoted to doing things the correct way, we feel that we have to do our component to safeguard the lifeblood of this industry, you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft.
‘So, we’ve decided getting invol Continue reading “FantasyDraft Bails Out Fantasy Aces, Will Spend Player Balances”